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Boloco, a chain of burrito restaurants headquartered in Boston, announced it will close the doors of its Medford location when its lease expires on November 30. Boloco opted not to renew the first of three lease extension options, which would have allowed it to remain on Boston Avenue until 2026.

John Pepper, CEO and cofounder of Boloco, explained the reasoning behind the decision to close the nearly five-year-old location.

“Boston Avenue in Medford didn’t ever develop as we had once believed it would,” Pepper says. “Add to that the seemingly indefinite delays in the MBTA Green Line Extension Project and the unfortunate fact that our restaurant, our menu, and our service never attracted the droves of Tufts students and Medford residents we needed, we didn’t see a compelling reason to do another lap around the track. We obviously wish that we had done things differently that could have made us successful. Our Medford team will miss their neighborhood friends when they relocate to other Boloco restaurants throughout Cambridge and Boston.”

Boloco has six new restaurant openings planned in Massachusetts, Rhode Island, Maryland, and Washington, D.C., in 2012. Regardless, the closing of any restaurant is a difficult decision, and Boloco will host a special event on October 31 to thank its team, loyal guests, and community supporters.